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The FPCE, an organization representing homebuyers, has recommended that concessions to real estate developers be exclusively offered to address long-pending, stalled housing projects from the past. The organization emphasized that developers with a history of not meeting deadlines should not be granted a general three-year extension for completing these projects. ...
On Wednesday, the Bombay High Court issued a directive stating that recently appointed nodal officers of the Slum Rehabilitation Authority (SRA) must expeditiously address complaints regarding the nonpayment of transit rent to eligible individuals and slum residents during the ongoing redevelopment process. The court specified that these officers should take necessary actions within a 30-day timeframe. ...
In response to complaints about norm violations, the Department of Town and Country Planning (DTCP) has mandated the inspection of buildings for which architects have issued occupation certificates (OCs) after August 1. ...
The Noida Authority has given a deadline until August 31st to fourteen developers who have defaulted, requiring them to establish escrow accounts. This decision aims to help the Authority recover the outstanding payments owed by these builders. Currently, six developers have complied by creating such accounts under the Authority's supervision. Around two months ago, the Authority had instructed 59 developers, who collectively owed Rs 7,000 crore, to initiate escrow accounts. The primary purpose of these jointly managed accounts is to discourage the practice of diverting funds collected from homebuyers towards other projects. ...
According to a filing with the Bombay Stock Exchange (BSE), the executive committee meeting of K Raheja Corp Investment Managers, which serves as the manager for Mindspace Business Parks REIT (Mindspace REIT), has granted approval for a private placement to raise Rs 500 crore. ...
On September 15, a Delhi court is scheduled to deliberate whether to acknowledge a charge sheet filed against R K Arora, who is the chairman and promoter of Supertech Group, in connection with a money laundering case. Special Judge Devender Kumar Jangala presided over the proceedings on Monday and noted the extensive nature of the documents, leading to an adjournment of the proceedings. ...
The authorities of Noida and Greater Noida have devised a comprehensive six-point strategy with the goal of tackling challenges within group housing ventures, retrieving outstanding payments from developers, and encouraging property registrations. This strategy encompasses several measures, such as revoking plot allotments for projects that haven't commenced, facilitating project completion via co-developers in case of stagnation, offering alternatives for surrender, and even revoking permissions for projects that fail to adhere to regulations. ...
The Delhi government's intention to modify the circle rates for residential and commercial zones within the city has encountered a setback. Officials have indicated that the earlier proposal, crafted by the revenue department, which suggested the establishment of subcategories within the A to H categories for residential areas, accompanied by various tiers of circle rates, has been sent back by the finance department. This return was made with specific objections and recommendations. ...
China's cabinet, chaired by Premier Li Qiang, has endorsed guidelines for the planning and construction of affordable housing. The Xinhua news agency, a state-run media outlet, reported this development. The Chinese property sector is currently grappling with a deepening crisis, marked by an increasing risk of default among certain developers as they encounter difficulties in selling apartments and raising funds. ...
The Supreme Court-appointed receiver for the Amrapali projects has issued a "final" notification to approximately 1,100 homebuyers who have yet to verify their allocated flat documents. This includes those who have not taken possession of their units even after reviewing the provided papers. The Amrapali Group's projects have been in a standstill since its promoters were imprisoned. The completion of these projects is being overseen by NBCC, a government-backed construction company, under the supervision of the Supreme Court. ...
In a recent high-value residential transaction in Hyderabad, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions have acquired a property for Rs 48 crore. The residence, located in the Jubilee Hills locality, spans 13,000 sq ft in total area, with a built-up area of 3,951 sq ft. The sellers of this property were Manoj Kumar Tibrewala and the purchase marks one of the most expensive real estate deals in the city recently. ...
Bandhan Bank has made the strategic choice to establish a corporate office in Mumbai. Additionally, the bank intends to create a zonal office that will also serve as a government business center in New Delhi. To facilitate this expansion and development, the private sector bank has invested approximately Rs 160 crore to acquire commercial real estate in Mumbai, the nation's financial hub. This newly acquired space will not only serve as the corporate center but will also accommodate the bank's treasury operations, according to Chandra Shekhar Ghosh, the Managing Director of Bandhan Bank. ...
On Thursday, the Enforcement Directorate (ED) submitted a formal charge sheet against R K Arora, who is the chairman and promoter of the prominent real estate firm Supertech Group, along with his company and eight other individuals. This charge sheet is a result of a money laundering investigation and alleges that they were involved in a "criminal conspiracy" to deceive individuals who had purchased homes. The accusations revolve around the claim that they collectively swindled a minimum of 670 home buyers, amounting to Rs 164 crore. ...
Shriram Properties (SPL) and ASK Property Fund have collaboratively infused Rs 206 crore to acquire complete development rights for an ongoing project in Chennai. This transaction has been facilitated through SPL's wholly-owned subsidiary, Shrivision Elevations. The necessary working capital for the project will be provided independently. The funds for this investment are sourced from the ASK Real Estate Special Opportunities Fund IV ...
On Tuesday, Sanjay Bhoosreddy, the chairman of Uttar Pradesh RERA, urged real estate developers in the state to ensure the registration of their projects with the authority. He emphasized their obligation to protect the interests of all stakeholders, particularly homebuyers. Recently appointed as the second chairman of UP RERA, Bhoosreddy also underscored the importance for developers to actively build a strong and advancing real estate industry by willingly adhering to regulatory guidelines. ...
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